If you want to know how to save money, just look at your expenses. Odds are, if you’re like most people, you aren’t budgeting or tracking your expenses to a tee. But there’s no need to be so hard on yourself, even our money mages themselves, Scott Trench and Mindy Jensen don’t always write down every cent spent. That being said, if you’re planning for a big trip, different expenses, or a sudden life change (like leaving your job), there is no better time than NOW to start tracking your expenses. Today’s guest, TJ, knows this all too well.
TJ makes a phenomenal income and already has a multi-million dollar net worth. But, he still suffers from money anxiety and not knowing how much he’ll need to step away from full-time work. Not only that, TJ is planning to take his children on a two-year-long expedition around the globe, all while TJ and his wife aren’t bringing in their regular high incomes.
But he isn’t just relying on his salary for monthly cash flow. TJ has also invested in rental properties as well as real estate syndications—both of which are providing him thousands a month in passive cash flow. But, after the globe-trotting ends, will TJ have to find himself another job or can he happily ski his way to early retirement upon re-arrival?
Mindy:
Welcome to the BiggerPockets Money podcast, show number 278 Finance Friday edition. Where we interview TJ and talk about asset allocation and reducing spending.
TJ:
We have so many dynamic things in the future, and we’ve been so aggressive with our investments up to this point that I feel like if we’re going to go on this trip, that I should be more conservative going into it. But in the grand scheme of things, if I continue to invest in real estate over the next few years, that passive income will increase and hopefully help supplement more of the trip and make when we’re gone less of a stressor.
Mindy:
Hello, hello, hello. My name is Mindy Jensen and with me as always is shine bright like a…